A person who is resident outside India, that includes an NRI, a PIO or a foreign national of non-Indian origin purchase agricultural land/plantation/farm house in India. Although a private limited company can buy agricultural land for carrying on agricultural activities but subject to provisions of articles of association and memorandum of association. NRI being a shareholder of the company will not make a difference as the company is a separate legal entity. Also it is advisable to contact a local lawyer where the property is situated to understand local laws.
A private limited company is allowed to buy agricultural land provided it is used for agricultural related activities. Dairy farming is an allied agricultural activity then there should not be any issue in your case. Please ensure that the AOA and MOA of the Company authorises this.
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